Best exit strategy advice needed. Lots of em.
- Chandelier exit - indicator for MetaTrader 5
- Chandelier Exit - indicator for MetaTrader 4
- Pattern Trailing Stop and Exit the Market - the article
Exit Strategy
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The threads on the forum :
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Videos :
- Simple example about entry and exit method for swing traders (D1 timeframe)
- Effective Forex Exit Strategy For Traders
- The Importance of Exit Strategy, part 1
- The Importance of Exit Strategy, part 2
- The Importance of Exit Strategy, part 3
- The Importance of Exit Strategy, part 4 - guidance of great traders
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I have been in trading field since few years. Its not my only source of income but rather an interest field. I have demo traded a few years ago for a considerable amount of time but never faced a problem I am about to share.
My trading has been all manual.
For past continuous 4 months my account performance has been like i made around 400% in a month and then lost it all in one trade.
Its soo depressing. At start i trade 0.1 lots and as my equity increases i move up to trading 0.2-0.3-0.4 and higher lots and finally loose all my equity on one trade. I know its all psychological prob as if i have lost my patience but your advice will surely help.
I don't think more details is needed but if any feel free to ask.
i have never changed my strategy in the mean time. Strategy work fine but the exit strategy has been messing with me. I move the stop losses lower and lower and am caught up in a loop.
Be blunt on me and give your best of advises.
I have been in trading field since few years. Its not my only source of income but rather an interest field. I have demo traded a few years ago for a considerable amount of time but never faced a problem I am about to share.
My trading has been all manual.
For past continuous 4 months my account performance has been like i made around 400% in a month and then lost it all in one trade.
Its soo depressing. At start i trade 0.1 lots and as my equity increases i move up to trading 0.2-0.3-0.4 and higher lots and finally loose all my equity on one trade. I know its all psychological prob as if i have lost my patience but your advice will surely help.
I don't think more details is needed but if any feel free to ask.
i have never changed my strategy in the mean time. Strategy work fine but the exit strategy has been messing with me. I move the stop losses lower and lower and am caught up in a loop.
Be blunt on me and give your best of advises.
I think a good thing and I don't know if you've been using it is a stoploss; this is the ultimate exit strategy.
You aren't controlling your risk. Control your risk. Don't risk more than 0.5%-2% per trade, 6% all (uncorrelated) trades.
- In code (MT4):
- You place the stop where it needs to be - where the reason for the trade is no longer valid. E.g. trading a support bounce the stop goes below the support.
- Account Balance * percent/100 = RISK = OrderLots * (|OrderOpenPrice - OrderStopLoss| * DeltaPerLot + CommissionPerLot) (Note OOP-OSL includes the SPREAD, and DeltaPerLot is usually around $10/pip but it takes account of the exchange rates of the pair vs. your account currency.)
-
Do NOT use TickValue by itself - DeltaPerLot and verify that
MODE_TICKVALUE is returning a value in your deposit currency, as promised
by the documentation, or whether it is returning a value in the instrument's
base currency.
MODE_TICKVALUE is not reliable on non-fx instruments with many brokers. - You must normalize lots properly and check against min and max.
- You must also check FreeMargin to avoid stop out
- Use a GUI EA like mine (for MT4): Indicators: 'Money Manager Graphic Tool' indicator by 'takycard' Forum - Page 6
A while ago I have been doing backtests on a zero-spread monkey trade strategy, that is random market entry (Dax, 2014-2018) and exit on predefined TP. It turned out that too short SL and too short TP will always lead to a negative result. I don't know about scalping/pipsing Forex, though.
I also tested a triple flag exit strategy which I came up with to control my losses. Flag1 -5, Flag2 -10, Flag3 -20, and if FlagX is risen & the price whipsaws back to FlagX-1, bail out. That also produced losses on long term, allthough it kept the losses near zero in difficult markets. And yeah, losses near zero still don't get you a profit, right?
Also, when you get stopped out, you'll mostly have to cope with an additional negative slippage. You sometimes get close prices much worse than you set as SL, be prepared for that.
My conclusion is, do not open a trade if you cannot sustain the loss when stopped out.
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I have been in trading field since few years. Its not my only source of income but rather an interest field. I have demo traded a few years ago for a considerable amount of time but never faced a problem I am about to share.
My trading has been all manual.
For past continuous 4 months my account performance has been like i made around 400% in a month and then lost it all in one trade.
Its soo depressing. At start i trade 0.1 lots and as my equity increases i move up to trading 0.2-0.3-0.4 and higher lots and finally loose all my equity on one trade. I know its all psychological prob as if i have lost my patience but your advice will surely help.
I don't think more details is needed but if any feel free to ask.
i have never changed my strategy in the mean time. Strategy work fine but the exit strategy has been messing with me. I move the stop losses lower and lower and am caught up in a loop.
Be blunt on me and give your best of advises.